Boeing (NYSE:BA) and its machinists’ union have agreed on a new negotiated offer to raise worker pay and potentially end a crippling strike that began seven weeks ago with a vote on the new proposal set for Monday.
The union urged workers to approve the contract.
“In every negotiation and strike, there is a point where we have extracted everything that we can in bargaining and by withholding our labor,” the International Association of Machinists and Aerospace Workers District 751 said Thursday. “We are at that point now and risk a regressive or lesser offer in the future.”
The union said that asking its members to stay on strike longer “Wouldn’t be right as we have achieved so much success.”
Boeing’s more than 32,000 machinists, mostly based in the Seattle area, walked off the job on Sept. 13 after turning down a tentative agreement. They rejected another proposal earlier this month, extending the strike.
The new proposal includes 38% general wage increases over four years, up from a previous offer for 35%, bringing the compounding pay increases to close to 44%, the union said Thursday. It also gives workers the option of a $12,000 one-time ratification bonus or to choose a previous offer for a $7,000 ratification bonus and a $5,000 401(k) contribution.
Boeing said Thursday at the end of the contract, average machinist pay will average $119,309.
BA shares took flight $3.35, or 2.2%, to $152.66.